(a) There is hereby created in the state treasury a special
nonrevolving revenue fund to be known as "the employment security
debt note fund," into which shall be paid a portion of all funds
derived from the assessments hereinafter set forth in this article.
The portion of such assessments payable to the fund shall be an
amount directly proportional to the ratio which the principal and
interest on notes issued under this article bears to the total
amount of principal and interest to be paid on indebtedness
incurred under the provisions of this article. This fund may also
receive funds from any other source, either state or federal.

(b) There is hereby created in the state treasury a special
nonrevolving revenue fund to be known as "the employment security
debt bond fund," into which shall be paid a portion of all funds
derived from the assessments hereinafter set forth in this article.
The portion of such assessments payable to the fund shall be an
amount directly proportional to the ratio which the principal and
interest on bonds issued under this article bears to the total
amount of principal and interest to be paid on indebtedness
incurred under the provisions of this article. This fund may also
receive funds from any other source, either state or federal.

(c) The commissioner shall have authority to pledge all of
the revenue paid into a fund created by this section to meet the
requirements of any sinking fund established pursuant to section
five of this article in connection with any revenue bond issue or notes authorized by this article, including a reserve fund for the
payment of the principal of and interest on such revenue bond issue
or notes when other moneys in the sinking fund are insufficient
therefor; and may provide in the resolution authorizing any issue
of such bonds or notes, and in any trust agreement made in
connection therewith, for such priorities on the revenues paid into
the special revenue fund as may be necessary for the protection of
the prior rights of the holders of bonds or notes issued at
different times under the provisions of this article.